No Fed help for metals: Gold is down about 17% since it peaked in mid-March at $1,380 an ounce. But it's been on an especially steep decline lately with prices sinking 9% since Oct. 21.

Silver has had an even worse few months, plummeting 30% from its mid-July peak of around $21.44 a troy ounce.

In addition to investors getting less fearful, gold and silver have been hurt by the Federal Reserve's decision to pull back on its stimulus measures. Fearing the Fed's emergency actions would create hyperinflation, some investors bought gold as a hedge.

But that argument has lost some clout. Inflation remains very low, and the Fed has clearly indicated it intends to raise interest rates in 2015, which should also help keep inflation under control.

"The Bank of Japan and European Central Bank are only in the first two innings" of monetary stimulus, while the "Fed is pulling back," said Sameer Samana, senior international strategist at Wells Fargo Advisors.